The Laotian government intends to actively use blockchain technology to improve the country’s economic and social situation.
The first Ministerial Conference on Blockchain 4.0 Digital Transformation was held in Vientiane, the capital of Laos, on May 26. The event was led by the country’s Prime Minister Sonexay Siphandone who presented the concept of accelerating digital transformation, based on blockchain technology. This was reported by the official account of the Laotian Ministry of Technology.
Among the main goals of the digital transformation are:
- increasing budget revenues;
- boosting foreign exchange reserves;
- curbing inflation;
- promoting sustainable economic growth;
- improving living standards.
The Laotian government also expects to increase the country’s international competitiveness in the short term through digitalization. During his speech, the Prime Minister stressed the importance of integration and widespread use of blockchain in administrative processes and the provision of public services.
As part of the digital transformation, there are also plans to develop artificial intelligence technologies, network infrastructure, the Internet of Things (IoT), cloud computing, Big Data, virtual and augmented reality, and various e-commerce tools.
During the conference, it was decided to create a Blockchain Technology Transformation Committee whose members will take responsibility for enforcing existing legislation and developing new regulations to govern the digital economy.
The conference was organized jointly with MetaBank, a Singapore-based software development company that will partner with the government on the project. The company will also help establish a research center for studying and developing blockchain technology.
In February 2023, the government of Laos in partnership with the Japanese FinTech company Soramitsu launched a pilot central bank digital currency (CBDC) project.
